Do I Need Insurance for a Vacant Property?
In most cases, yes. You should have insurance on vacant property. An empty home can still be damaged by perils such as fire, severe weather, water leaks, theft, and vandalism. Empty homes may also attract trespassers. If someone is injured on the property, you could face liability concerns, even if that person did not have permission to be there.
Does Homeowners Insurance cover vacant homes?
A standard homeowners insurance policy may not provide the same coverage once a home becomes vacant. Certain losses could be limited or excluded, depending on the policy and how long the property remains empty. In some cases, your coverage could be voided completely. It’s important to speak with your insurance agent before your property becomes vacant so you understand how your coverage may be affected.
When should you review insurance for vacant property?
You should review your coverage any time a property may be empty for an extended period.
Common situations include:
- Planning to move in later
- Waiting for a home to sell
- Settling an inherited property
- Owning a home that no one lives in
- Completing major renovations
Always contact your insurance company if you are unsure about your coverage.
How can you protect a vacant home?
Reviewing your insurance coverage should be the first step in protecting an empty property.
You can also help reduce risks by:
- Securing all doors, windows, and other entry points
- Collecting mail, packages, and newspapers as soon as possible
- Utilizing outdoor lighting, security cameras, leak detectors, and other alarms
- Maintaining the yard and exterior so the property looks cared for
- Repairing leaks, broken windows, and other damage quickly
- Having someone you trust check on the property regularly
Review your coverage before your property is vacant
Don’t wait until you move out or damage occurs to review your insurance coverage. Be ready to discuss details about your situation, like the property’s condition, utilities, security, maintenance, and expected vacancy period. If you’re an Alfa® customer, your local agent can explain how vacancy may affect your policy and help you determine your coverage needs.
All coverages are subject to deductibles and policy limits. This is not an insurance policy. It is intended only to provide a general description of Alfa Insurance® and/or its product lines and services. An actual policy contains the specific details of the deductibles, coverages, conditions and exclusions. Your Alfa® agent can explain the policy and benefits and answer any questions you may have before you buy.